Overview
- Sixth Street will acquire 49% of the Permian midstream assets and 75% of the Eagle Ford system, with bpx energy remaining operator across all assets.
- The consideration is structured as about $1 billion at signing and $500 million targeted by year-end, with the final tranche pending regulatory approval.
- Upon completion, bpx energy will retain 51% ownership in the Permian assets and 25% in Eagle Ford while preserving operational control.
- The assets include pipelines and four central Permian processing facilities—Grand Slam, Bingo, Checkmate and Crossroads—that connect wells to third-party pipeline systems.
- UBS estimates the transaction will reduce BP’s leverage by roughly 1% and contribute around $100 million to $200 million to net income.